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Speaking to Benzinga, Canaccord Genuity analyst Mike Walkley said that a combination between BlackBerry Ltd (NASDAQ: BBRY) and LG Electronics makes less sense than the Samsung-BlackBerry buyout rumor from earlier this week.

Walkley explained that Samsung is much larger in the smartphone market and trying to gain share by growing in the enterprise. In addition, he pointed out that Samsung has a larger market cap and more cash if it were to buy BlackBerry.

“LG is struggling to be relevant in the larger Android smartphone consumer market, so I’m not sure what they would get with BlackBerry,” he said.

BlackBerry shares spiked above $10 earlier, but have since dropped down to $9.97.